FY2023 Adopted Operating and Capital Budget

FY2023 Adopted Budget Fund Budgets

Length of Service Award Program Trust

Length of Service Award Program Trust The Length of Service Awards Program (LOSAP) is a voluntary program funded by Frederick County and administered by the Frederick County Volunteer Fire and Rescue Association (FCVFRA). Volunteer Fire and Rescue personnel in Frederick County enrolled in LOSAP are eligible to receive certain financial benefits based on years of qualified service. Beginning in FY2017, the County's expense for this program was required to change from a cash pay-as-you-go basis to an actuarially determined expense. With this change came the creation of a Trust Fund established by the County, which is reported here. The LOSAP Trust Fund holds assets for investment to pay future costs and is used to measure and report on the liability resulting from the promise to pay future benefits. Presented for informational purposes only and is not adopted by the County Council. Budget Highlights The Actuarially Determined Contribution (ADC) is fully funded in the FY2023 budget. When determining the ADC, there were no changes to methodology or assumptions.

Funded Ratio

FY2020 Actual FY2023 Projection 16.9% 24.1% N/A N/A FY2021 Actual FY2022 Projection

Note: The funded ratio is affected by several factors and can fluctuate from one year to the next even with funding ADC at 100% and with no substantive changes to the plan. The ratio being shown is as of June 30 th of the fiscal year.

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